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MPF - Lesson 8-2 - Installment Loans II

Total questions: 35

Worksheet time: 1hrs 2mins

Name
Class
Date
1.
The simple interest formula is I=Prt.  The P represents the principle.  The principle is ___________________.  
a)
the amount of money borrowed or deposited
b)
the percent interest for his year
c)
the amount taxed
d)
the amount the bank owes you for being a customer at their bank
2.

Emilio borrows $1,200 from a bank with 8.0% simple interest per year. How much will he have to pay back total in 2 years?

a)

$150

b)

$192

c)

$1,350

d)

$1,392

3.

Beyonce went to the mall and saw a massage chair that she would have to take a loan out for $6,500 to purchase. The bank said that she could get a simple interest rate of 8% for 5 years. What is the total amount that Beyonce will pay for the chair?

a)

$2,600

b)

$910

c)

$9,100

d)

$260

4.
Jerry borrowed $4,000 for 5 years at 6% simple interest rate. How much interest is that?
a)
$800
b)
$1,000
c)
$1,200
d)
$1,500
5.
Ann puts $300 in a bank account earning 4% interest.  How much will she earn in interest in 1 year?
a)
4
b)
8
c)
12
d)
16
6.
Starting money = $350.
Interest rate = 2.5%
TIme = 3 years.
How much interest?
a)
7.50
b)
26.25
c)
87.5
d)
262.50
7.
Principal = $800
Interest Rate = 3.5%
Time = 6 months
Find the interest earned.
a)
14
b)
140
c)
168
d)
16.80
8.
Jerry borrowed $4,000 for 5 years at 6% simple interest rate. How much interest is that?
a)
$800
b)
$1,000
c)
$1,200
d)
$1,500
9.
Dan borrowed $2,000 for 6 months at 12% annual simple interest rate. How much interest is that?
a)
$120
b)
$144
c)
$1,200
d)
$1,440
10.
The rate is given as a percent (%).  Before using it in the simple interest formula, you must first convert it to a______.
a)
fraction
b)
decimal
c)
ratio
d)
dollar amount
11.

Write the percent as a decimal.

4.3%

a)

4.3

b)

0.43

c)

0.043

d)

4300

12.

Write the decimal as a percent.

0.37

a)

37%

b)

3.7%

c)

0.37%

13.
What does the "I" in the interest formula stand for?
a)
Important
b)
Interest
c)
Internet
d)
Igloo
14.

Starting money = $350.

Interest rate = 2.5%

TIme = 3 years.

How much interest?

a)

$7.50

b)

$26.25

c)

$87.50

d)

$262.50

15.

Calculate the interest. I = PRT,

Principal = $1000,

Rate = 6%,

Time = 2 years

a)

$100

b)

$120

c)

$180

d)

1200

16.

Calculate the interest. I = PRT,

Principal = $10,000.00

Rate = 7.0%,

Time = 20 years

a)

1400

b)

1000

c)

14000

d)

14

17.

Beyonce went to the mall and saw a massage chair that she would have to take a loan out for $6,500 to purchase. The bank said that she could get a simple interest rate of 8% for 5 years. What is the total amount that Beyonce will pay for the chair?

a)

$2600

b)

$910

c)

$9100

d)

$260

18.
You lend $240 to your friend.  He pays you back $270.  What interest rate did you charge your friend?
a)
88%
b)
20%
c)
12.5%
d)
10%
19.
Anna invested $2,500 at an annual rate of 5%.  How long will it take until Anna earns $1,125 in interest?
a)
5 years
b)
8 years
c)
10 years
d)
9 years
20.
An agreement to obtain money, goods, or services now in exchange for a promise to pay in the future
a)
Commercial credit
b)
Consumer credit
c)
Credit
d)
Creditor
21.
Lends money or provides credit
a)
Credit
b)
Creditor
c)
Consumer credit
d)
Commercial credit
22.
Borrows money or uses credit
a)
Debtor
b)
Creditor
c)
Consumer credit
d)
Commercial credit
23.
Loans repaid in regular payments over a period of time
a)
Collateral
b)
Interest
c)
Warranty
d)
Installment loans
24.
The fee charged by creditors for using their money
a)
Collateral
b)
Interest
c)
Fixed rate
d)
Down payment
25.
A(n) ______ _______ is a portion of the cash price of an item that has to be paid before financing the rest on credit
a)
down payment
b)
maturity value 
c)
promissory note 
d)
final payment 
26.
The _____ _____ ______ is an index showing the cost of borrowing money on a yearly basis, expressed as a percent
a)
repayment schedule 
b)
single payment loan 
c)
annual percentage rate
d)
term 
27.
The _______ is the portion of the cash price that is owed on an item after making the down payment. 
a)
down payment 
b)
amount financed 
c)
final payment 
d)
installment loan
28.
______ ________ is interest on a loan calculated by basing the time of the loan on a 365-day year
a)
ordinary interest 
b)
exact interest
c)
maturity value 
d)
installment loan 
29.
The _______ _______ is the total amount that must be repaid on a loan, including the principal borrowed and the interest owed
a)
ordinary interest 
b)
maturity value
c)
repayment schedule 
d)
principal 
30.
_______ _______ is interest on a loan calculated by basing the time of the loan on a 360-day year
a)
maturity value 
b)
exact interest 
c)
ordinary interest
d)
promissory note 
31.
The _______ is the amount of time for which a loan is granted before it has to be repaid
a)
term
b)
principal 
c)
amount financed 
d)
final payment 
32.

MRP Credit Company agrees to loan you $5,000 for the purchase of this green coupe in exchange for signing a promissory note (contract) to repay the loan in 24 equal installments of $230.50. How much is the finance charge for this loan?

a)

$5,532.00

b)

$532.00

c)

$5,000.00

d)

$52.30

33.

Find the monthly payment per $100 for a loan with a term of 48 months @ 14.00% interest rate

a)

$2.73

b)

$3.03

c)

$3.07

d)

$2.89

34.

Find the monthly payment for a loan of $5,750 with a term of 48 months @ 14.00% interest rate

a)

$156.98

b)

$174.23

c)

$176.53

d)

$166.18

35.

Find the monthly payment for a loan of $36,000 with a term of 60 months @ 12.00% interest rate

a)

$799.20

b)

$781.20

c)

$897.60

d)

$1,072.80

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